How much can I buy?

The minimum you can buy, or “staircase to”, is 10%. There may be a cap on the shares you can own, which would mean you would be unable to own your home outright; but, if not, you could purchase the full, remaining share of your home, should you wish to.

How much will the share I’m buying cost?

The purchase price of the share you’re buying will vary, depending on its value at the time. For example, if your home is valued at £200,000 and you purchase a further 10%, the purchase price will be 10% of the full value, which is £20,000.

When can I staircase?

Subject to your lease allowing staircasing, it is often done one year on from completing your sale.

Most purchasers chose to staircase, where possible, at the time they look to re-mortgage.

How do I apply?

Please complete this application form. The fee for carrying out a property valuation is £150 +VAT. When we receive this payment, an independent Royal Institution of Chartered Surveyors (RICS) surveyor will be instructed to carry out the valuation. 

Once the valuation has been received and the share percentage to purchase has been agreed, you will need to advise and instruct your solicitor to deal with the transaction. There are no other fees payable to Eastlight.

If I disagree with the valuation, can I appeal?

Yes, you can appeal and obtain a second valuation, at your own cost.

This must be carried out by an approved RICS surveyor. This value will be reviewed by our Leasehold Manager.

Can I purchase the remaining share of my home in one transaction?

Providing there are no restrictions in your lease, yes, you can.

Will owning more shares make finding a buyer harder if I decide to sell my share?

No.

Your home will be advertised on the Share to Buy platforms as part of the re-sale process. If a buyer is not found, you have the option to advertise your share on the open market. A buyer can also purchase our share in this initial transaction. This opens up the sale to those also looking for full home ownership.

What’s the process to sell my share?

Please complete this application form. The fee for carrying out a property valuation is £150+ VAT. When we receive this payment, an independent Royal Institution of Chartered Surveyors (RICS) surveyor will be instructed to carry out the valuation.

Once you’ve received the valuation and are happy to go ahead, please provide us with photos and information about your home. We’ll advertise on the Share to Buy website.

Once advertised, we have a timeframe, known as the nomination period, to find a buyer. The nomination period can vary between eight and twelve weeks.

If a buyer isn’t found within the nomination period, you are able to sell your share on the open market.

Why do I pay rent?

Under the terms of the lease, you must pay rent for the share that you don’t own. Rent is reviewed annually, and the lease defines how the rent is increased. This is an upwards-only rent, so the rent will never decrease.

You will receive notification in February of the charges to take place from 1 April.

What happens if I do not pay my rent?

Not paying your rent is a serious breach of your lease, which can lead to us taking possession of your home. If you purchased your home with a mortgage, we will contact your lender to request they pay arrears on your behalf, to protect their interest in your home.

It is therefore extremely important that you pay your rent.

I am having difficulties paying my rent - what can I do?

Please contact us as soon as you can if you’re experiencing any difficulties paying your rent. We will work with you to arrange an alternative payment plan. You can also click here to read our cost-of-living support page for help and advice.

Buildings Insurance for Shared Owners, Commercial Shops and Leaseholders

Although Eastlight arranges the insurance on behalf of our customers and their lenders, pays for the policy initially and collects the costs from our customers, Eastlight customers should contact the Insurance company directly to make a claim or an enquiry about the cover and type of support available as soon as possible. Any excess contribution or uninsured losses are the responsibility of the customer.

Details of the policy cover, including the contact details for reporting claims, are enclosed here.

The cover purchased is intended to provide comprehensive cover with low contributions and high claims assistance available to our customers.

Eastlight monitors the claims performance of our insurers and would like to be informed of any complaints or disputes that customers have about the service. We would also like to be informed of any challenges to any decisions made by our Insurance Company.

If this applies to you, or if you wish to report positive or negative experiences with the service, please let us know by emailing the Insurance Manager at insurance@eastlighthomes.co.uk